On June 4, the 2x Long MRVL ETF-GraniteShares (MVLL) declined 13.24% overnight, trading at $179.65/share with trading volume of $1.2034 million. The pullback follows a historic multi-day surge in the underlying Marvell Technology stock and its leveraged products.

The decline comes after the ETF soared approximately 65% on June 2 when NVIDIA CEO Jensen Huang publicly called Marvell Technology the next trillion-dollar company at Computex 2026 in Taipei. The underlying MRVL stock surged 32.52% that day to $290.79, its largest single-day percentage gain on record, before continuing higher in subsequent sessions. The 2x leveraged ETF amplified these gains dramatically, rising from around $114 to over $244 in pre-market trading on June 3.

Market analysts have flagged that FOMO-driven speculative trading is fueling AI-related stock frenzies, with Marvell cited as the latest example. Citi strategists also warned that long positions in US tech stocks have reached extreme crowding levels, elevating profit-taking risks. The leveraged nature of this ETF amplifies both gains and losses, making it particularly vulnerable to mean-reversion after outsized moves.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)